The victory of Donald Trump within the US presidential election has been confirmed, leaving cryptocurrency traders speculating concerning the influence on Bitcoin’s value trajectory within the subsequent 4 years. Curiously, the market has already been given a style of the doable results.
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In reality, the mere information of Trump’s win has pushed the Bitcoin value into uncharted territory. For the reason that announcement, Bitcoin has surged, reaching a current peak of $77,239.
In response to a crypto analyst, the Bitcoin value has all the time rallied after US elections, however the value surge tends to be much more pronounced after a Trump win.
Can The Trump Win Proceed To Push Bitcoin Worth Upwards?
Crypto analyst Tony “The Bull” Severino, CMT, just lately took to social media platform X to focus on an intriguing historic sample between Donald Trump’s presidential victories and Bitcoin’s value actions. In response to Severino, whereas Bitcoin has constantly rallied following US elections, the worth surge was particularly pronounced when Trump was first elected in 2016.
Severino backed up his evaluation with knowledge from Bitcoin’s November 2016 efficiency on the two-month candlestick chart. At the moment, Bitcoin was buying and selling at roughly $725. After that election, the Bitcoin value went on to create seven consecutive bullish candlesticks following Trump’s win, setting off a outstanding rally that continued into 2017 and laid the inspiration for Bitcoin’s ascent to its then-record highs.
Now, with Bitcoin at present buying and selling round $76,000 within the wake of Trump’s newest victory, Severino speculates whether or not the cryptocurrency might replicate this historic sample. Curiously, the analyst believes a repeat of this run might occur with Trump’s win, and Bitcoin might now make its transfer towards $100,000 per coin.
Will Bitcoin Soar To $170,000 This Cycle?
Nonetheless within the spirit of a bullish crypto market after Trump’s win, Tony Severino talked about the potential for the Bitcoin value hovering to $170,000 within the coming months. In one other technical evaluation, Tony highlighted the Bitcoin value motion from October 2023 utilizing Elliott Waves.
In response to this outlook, Bitcoin is about to begin a fifth impulse wave, which is thought to be the third and final bullish wave. With this in thoughts, the analyst pointed to Bitcoin pushing to succeed in $170,000 in 2025. “Are you ready?” he requested.
On the time of writing, Bitcoin is buying and selling at $76,450, having established a brand new all-time excessive of $77,239 prior to now 12 hours. The streak of all-time highs looks as if it isn’t stopping anytime quickly, because the market continues to reel in bullish momentum.
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For now, the early indicators and value sentiment counsel that the Bitcoin value is gearing up for a brand new wave in gentle of Trump’s win. This rally might proceed on at this tempo and shoot up massively when Trump is sworn into workplace in January 2025.
Featured picture from Investopedia, chart from TradingView